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Summary of Significant Accounting Policies
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3 Months Ended | ||
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Mar. 31, 2012
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| Summary of Significant Accounting Policies | |||
| Recent Accounting Pronouncements Affecting the Company |
Fair Value Measurements
In May 2011, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update 2011-04 to Accounting Standards Codification ("ASC") 820, "Fair Value Measurements and Disclosures" ("ASC 820") which amends the disclosure requirements for fair value instruments. The new disclosures required include disclosure regarding the sensitivity of the fair value measurement to changes in unobservable inputs, and the interrelationships between those unobservable inputs. The guidance is effective for the Company for fiscal years and interim periods beginning on or after December 15, 2011. The Company adopted this guidance for the quarter ended March 31, 2012.
Comprehensive Income
In June 2011, the FASB issued authoritative guidance for presentation and disclosure of comprehensive income in the financial statements. Under the new guidance, a Company may no longer present the components of other comprehensive income as part of the statement of changes in the Statement of Stockholder's Equity, and instead must present the components of comprehensive income either in the Statement of Operations or in a separate statement immediately following the Statement of Operations. In addition, reclassification adjustments between comprehensive income and net income must be disclosed on the financial statements. This guidance is effective for the Company for fiscal years and interim periods beginning on or after December 15, 2011. The Company adopted this guidance for the quarter ended March 31, 2012 |